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6 Articles match "2007","Foreclosures","Illinois"
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The Latest from RealtyTrac
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Legislating Lower Foreclosure Rates?
An Illinois law intended to help reduce foreclosures is drawing cries of discrimination from some of the people it is trying to protect, according to the Chicago Defender newspaper. “Nearly 60 days after Illinois House Bill 4050 went into effect to supposedly protect consumers from predatory lenders, a coalition of Black and Latino city residents say the new law is actually destroying property values in select minority communities.” The law is a pilot program that is being applied in 10 Chicago zip codes chosen for their high foreclosure rates, among other factors.
www.foreclosurepulse.com
- Tuesday, December 16, 2008
Credit Card and Mortgage Debt Fuels Foreclosure
No word better describes why millions of Americans are now facing foreclosure. The study showed that consumers carried debt loads that substantially exceeded their income and, as a result, bankruptcy — or foreclosure — were their only reasonable options. Not surprisingly, more than 115,568 properties entered some stage of foreclosure nationwide in October, according to RealtyTrac’s U.S. Debt! Last year, the average American receiving financial counseling earned $27,000 annually and had $38,500 of unsecured debt spread over eight credit cards, according the National Foundation for
www.foreclosurepulse.com
- Tuesday, December 16, 2008
Governor Suspends Controversial Law Affecting Investors
Responding to the public outcry of legislative redlining, equal protection violations, and racial discrimination against minority residents living in certain Chicagoland areas, Illinois Gov. Rod Blagojevich suspended the law on January 19, 2007. A statement released by Dean Martinez, Secretary, Department of Financial and Professional Regulation, explained the decision to suspend the It was controversial when it took effect, and it remained controversial until public officials decided enough was enough – roughly a little more than a year later. But House Bill 4050 (renamed Public
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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The Best from RealtyTrac
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MORE
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Legislating Lower Foreclosure Rates?
An Illinois law intended to help reduce foreclosures is drawing cries of discrimination from some of the people it is trying to protect, according to the Chicago Defender newspaper. “Nearly 60 days after Illinois House Bill 4050 went into effect to supposedly protect consumers from predatory lenders, a coalition of Black and Latino city residents say the new law is actually destroying property values in select minority communities.” The law is a pilot program that is being applied in 10 Chicago zip codes chosen for their high foreclosure rates, among other factors.
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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Credit Card and Mortgage Debt Fuels Foreclosure
No word better describes why millions of Americans are now facing foreclosure. The study showed that consumers carried debt loads that substantially exceeded their income and, as a result, bankruptcy — or foreclosure — were their only reasonable options. Not surprisingly, more than 115,568 properties entered some stage of foreclosure nationwide in October, according to RealtyTrac’s U.S. Debt! Last year, the average American receiving financial counseling earned $27,000 annually and had $38,500 of unsecured debt spread over eight credit cards, according the National Foundation for
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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Now Homebuilders Face Foreclosure
For millions of Americans facing foreclosure, the Federal Reserve’s interest rate cut this week was welcome news that could possibly help save thousands of homeowners from default by giving them the opportunity to refinance their adjustable-rate loan into a fixed-rate mortgage with a lower interest rate. homebuilders the risk of foreclosure through bankruptcy has sharply risen under the pressure of the grim housing market. But for many U.S. This week, Florida-based homebuilder Tousa Inc.
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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Mortgage Reform to Calm Foreclosure Storm
In an attempt to address the recent downturn in the real estate market — evidenced by rising foreclosures and falling home prices and which many believe may threaten to undermine the overall economy — the House of Representatives yesterday passed a bill that imposes more stringent regulatory oversight of the mortgage industry. Called The Mortgage Reform and Anti-Predatory Lending Act of 2007, the bill ( H.R. 3915 ) claims to "amend the Truth in Lending Act to reform consumer mortgage practices and provide accountability for such practices, to establish licensing and registration requirements for residential mortgage originators, to provide certain minimum standards for consumer mortgage loans, and for other purposes."
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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May Home Prices Down 4.8 Percent
percent from May 2007. percent decline in home prices from May 2007. The East North Central Division, which includes Michigan, Wisconsin, Illinois, Indiana and Ohio, reported a 0.1 The West North Central Division, which includes North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas and Missouri, reported no monthly change in home prices. It will be interesting to see how these home price numbers correlate to the Q2 foreclosure numbers RealtyTrac will be releasing Friday. Home prices were down again in May, but a few regions of the country experienced a ever-slight uptick in prices from the previous month, giving officials at the Office of Federal Housing Enterprise Oversight (OFHEO) a chance to be cautiously optimistic in the press release announcing the numbers. "It
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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Governor Suspends Controversial Law Affecting Investors
Responding to the public outcry of legislative redlining, equal protection violations, and racial discrimination against minority residents living in certain Chicagoland areas, Illinois Gov. Rod Blagojevich suspended the law on January 19, 2007. A statement released by Dean Martinez, Secretary, Department of Financial and Professional Regulation, explained the decision to suspend the It was controversial when it took effect, and it remained controversial until public officials decided enough was enough – roughly a little more than a year later. But House Bill 4050 (renamed Public
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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